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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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If escrow had closed an transaction followed lender's

Customer Question

If escrow had closed an transaction followed lender's instruction then made up an " Special holdback instruction" let buyer and seller signed them ,so escrow can hold selling broker's commission not disburse it . What selling broker should do?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 9 months ago.

Kindly provide proper foundation for your question.

Customer: replied 9 months ago.
Escrow had closed an transaction per lender's instruction that No selling broker commission credit had been allowed at closing. Then Escrow use an called " Special holdback instruction " signed by both buyer and seller hold selling broker's full commission first not disabuse it then request selling broker and buyer reach an agreement regarding buyer's complain that selling broker is not credit enough commission to buyer . When selling broker questioned whether such hold back and request is legal and complained to WA insurance commission ,Escrow turned selling broker commission to the court.
Now escrow try serve the legal paper to the selling broker.
MY question here is 1. When my respond time start ? from the date service people had drop the copy or served in person?
2. Is it violate the HUD regulation, RESPA or Truth in lending , for 1.selling broker give such compensation credit after closing ,2. buyer request or receive such selling broker commission credit.
3. I believe escrow was favor sell's desire close the deal first , misleading buyer can receive such selling broker commission credit from selling broker after close by reach an agreement with selling broker or from judger at the court.
4. Should I send escrow, WA insurance commissioner a letter point out it was wrong for them truly stand on seller side care less buyer ,only use the dispute between buyer and selling broker pretend protected buyer's interest?

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